Bipartisan FARM Act supports agriculture industry from irregular foreign influence
WASHINGTON, D.C. – U.S. Senator Cynthia Lummis (R-WY), alongside Senator Tommy Tuberville (R-AL), introduced legislation to help the Wyoming and larger U.S. agriculture industry counter undue foreign influence and investments. The Foreign Adversary Risk Management (FARM) Act will give agriculture representatives more oversight and say on the Committee of Foreign Investment in the United States (CFIUS). The committee oversees and reviews foreign investment and ownership in domestic businesses with national security implications. Similar legislation was introduced in the House of Representatives by Representative Ronny Jackson (R-TX-13) and Representative Filemon Vela (D-TX-34).
“As a Wyoming rancher, I understand the importance of the agriculture industry and having knowledgeable voices involved in any decision affecting agriculture,” Senator Lummis said. “This legislation will give the Department of Agriculture the ability to defend our agriculture industry from foreign control. In today’s world of global industries and supply chains, we need to make sure that the people of Wyoming and America know those at the top of America’s agricultural industry really care about our needs, and this bill will help do that.”
Currently, CFIUS does not directly consider the needs of the agriculture industry when reviewing foreign investment and ownership in domestic businesses. The FARM Act would change that. Among other things, it would give the Secretary of Agriculture a seat on CFIUS, and ensure foreign corporations and investors involvement in the US agriculture industry, including actions like mergers and acquisitions, are in the best interest of the United States.
“The pandemic has underscored the critical contributions of our farmers, ranchers, and agriculture community to ensure our country remains food secure even in the face of unprecedented times,” Senator Tuberville said. “Food security is national security, which is why the agriculture industry needs a seat at the table for the foreign investment vetting process. By adding agricultural supply chains as a covered transaction for CFIUS review, we can safeguard our food supply chains and agriculture industry from bad actors.”
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